The euro is trading around 1.1709, showing signs of exhaustion, and the price is below the 8/8 Murray level. Therefore, the technical correction will follow in the coming days, so EUR/USD could reach the 200 EMA around 1.1643.
If the euro continues to rise, we should expect it to face strong resistance around the top of the uptrend channel at 1.1663 or even reach the +1/8 Murray level at 1.1779.
A consolidation on the H4 chart below 1.1640 could signal a bearish acceleration, and we could expect the euro to reach the 6/8 Murray level at 1.1596 and even the 4/8 Murray level at 1.1574.
Technically, the euro is showing signs of exhaustion. Hence, the euro is expected to reach the psychological level of 1.1500 in the short term and even the 1.1000 level in the coming days.
The Eagle indicator is showing a negative signal, trading within its bearish pressure line. Therefore, any technical rebound below 1.1779 will be seen as a signal to sell.
